UMB shakes off tax hit

Despite a one-time tax expense related to federal reform, Kansas City-based UMB Financial Corp. (Nasdaq: UMBF) reported a full-year income record.

The operator of two UMB Bank branches in Springfield recorded operating income from continuing operations of $183 million, the highest yet for the company. That’s up 19 percent from $153.6 million in 2016, according to a news release.

“These results were driven by a 12.8 percent year-over-year increase in net interest income with continued favorable pricing and increased loan balances,” UMB Chairman and CEO Mariner Kemper said in the release. “In 2017, average loan balances increased 8.5 percent and stood at $10.8 billion.”

Full-year earnings highlights:
    •    The company incurred a one-time tax hit of $3 million after being required to revalue its deferred taxes.
    •    Net income for 2017 was $247.1 million, a 56 percent increase over 2016.
    •    Salaries and employee benefits rose 6 percent to $413.8 million.

UMB assets were $21.8 billion and deposits were $18 billion as of Dec. 31, according to the release.

UMBF shares were trading at $77.96 as of 8:38 a.m., compared with a 52-week range of $62.27 to $81.55.